Quote:
Originally Posted by Bonanza
You are passing on bad information. Not all agents represent a seller. For all my active real estate years as a "transaction broker," I NEVER represented the seller. Transaction brokers do not represent the buyer or the seller but have to treat both parties fairly. Most Florida real estate agents are transaction brokers.
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Not bad information. To be a transaction broker, you need the written consent of the buyer and the seller. In most cases, there is no written consent of either the buyer or the seller. As a seller, who is paying the commission, I would never consent to allow my agent to change to a transaction agent until after the sales contract has been signed. But, yes, a licensed agent must treat both parties "fairly" at all times. From the Florida statute:
"FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT."